The investment attorneys with Gana Weinstein LLP continue to report on investor related losses in oil and gas and commodities related investments. Investors may have potential legal remedies due to unsuitable recommendations by their broker to invest in this speculative and volatile area. Energy & Exploration Partners of Fort Worth is seeking Chapter 11 bankruptcy protection after suppliers and service companies sought payment for unpaid bills. The company was founded in 2008 and owns about 61,000 net acres in Texas and Wyoming with the Texas holdings located mostly in Woodbine and Eagle Ford shales. The company made the filings after Schlumberger Technology, Baker & Hughes, and Catcus Pipe & Supply initiated an involuntary bankruptcy against the company.
Energy & Exploration joins several other companies that we have been tracking that have sought bankruptcy protection as oil prices continue to tumble. Energy & Exploration disclosed its debts of at least $1.1 billion assets.
Our firm continues to file complaints on behalf of investors who have been overconcentrated in oil and gas investments. Oil and gas and commodities related investments have been recommended by brokers under the assumption that commodities prices would continue to go up. Some experts are saying that if production volume continues to be as high as it currently is and demand growth weak that the return to $100 a barrel is years away.